Posted by Frank Chin on February 15, 2002 at 07:37:50:
Hi Dave:
Very interesting article.
My wife was a RE agent during college, and she was instrumental in getting a rental property we had cleaned up, priced right, and sold quickly.
We had it priced for about 5% below market (costing us 25k) in a hot market. We held two one day open houses to show the place so tenants won’t be bothered for an extended period, keeping the place neat for weeks on end, then get annoyed and not cooperate.
It was sold in a day twice (the first one fell through)
We thought of asking all the tenants to leave at one point which would’ve cost us almost 3K/month in rent. We figure showing it, and then waiting till closing would take 5 months and cost us almost 20K easy.
As it turned out, the buyer allowed one tenant to stay, and the others stayed to a week before closing.
And none of them had iguanas.
Frank Chin
PS. Are you going to the convention? I was thinking of checking out properties in PA, and would like to meet you. They seem to cash flow better. I checked out your WEBsite.